Drilled to be reborn- Recycling old oil and gas well to make geothermal energy!
Greenwell energy produces greenheat form empty oil and gas wells, and delivers the heat to agropreneurs that grow heat intensive products
When we started with our Greenwell energy project a lot of people dared to say to our face that this is the greatest idea they have heard but it will not work.
But what do we do and why it was invisible till yet?
We produce deep geothermal heat without drilling! Yes, without extra drilling.
And we plan to recycle thousands and thousands of existing oil and gas wells that are over 1000 m deep.
There are approx 800 in Austria alone, around 75.000 producing wells in Europe and over 1.2 million worldwide.
When these wells are at the end of their production life they will be liquidated by the oil companies. That means they will be completely closed and filled with concrete so that they can’t be used for anything anymore.
Enable sustainable economic growth with intelligent technologies!
There is an increasing customer demand for locally grown fresh agricultural produce like strawberries and tomatoes also during wintertime.Therefore, all over Europe huge greenhouses are built that are predominantly heated by fossil fuels. This trend is devastating for the European CO2-balance as emissions actually increase rather than decrease!
The most expensive part in geothermal energy production is drilling the deep hole. Oil companies own these holes and when they stop using them for oil production, Greenwell has the know-how to “repurpose” them.
Geothermal energy is renewable, available 24 hours a day, 365 days a year, safe and CO2-free, thus the energy that can power our sustainable future. Greenwell then provides “ready-to-use green heated infrastructure” (“greenfrastructure”) with zero CO2 emissions to farmers and other agricultural entrepreneurs (“agropreneurs”) at a competitive flat rate!
The Greenwell Innovation
Greenwell provides farmers with CO2-free heated greenhouses at predictable low prices!
Former oil and gas wells are converted to clean and CO2-free geothermal heat sources.
The most expensive task in geothermal energy production is drilling the hole. Depleted oil and gas wells are well suited for geothermal energy extraction.
Greenwell taps this energy and builds heated greenhouses that are rented to farmers and agropreneurs.
This has been done by oil companies as test runs and pilot projects for more than a decade. While mostly successful technically, hardly a project was commercially successful!
Greenwell investigated the reasons for these failures and developed technical, commercial, systematic and market solutions, ready to be implemented now!
Core Learnings and Innovations:
· Market: The land around former wells is typically used for agriculture, therefore Greenwell targets agricultural customers.
· Systematic: Bring the user to the heat — not the heat to the user.
· Commercial: Oil and gas wells are grouped into nine typical types for which standardized engineering solutions were developed (avoiding expensive “tailormade” approach).
· Technical: Greenwell develops inexpensive and reliable piping, isolation, and other technical equipment for cost-effective conversion of these wells, to replace expensive “oil-field technology” products.
The difference between organic and exponential growth is the cost of the insulated riser tube.
The innovation in relation to the overall strategy of Greenwell.
Greenwell’s overall strategy is to supply CO2-free heated infrastructure to farmers and agropreneurs. The present project aims at providing the first major heat source for this mission!
The innovation of this project focuses on converting depleted oil wells into CO2-free and cost competitive heat producers. As the reuse of depleted oil and gas wells is close to the technical expertise of two of the founders who have a long history in the oil and gas industry we start with this technology. Later the company will also incorporate other heat sources in its strategy.
Together the core team has been developing the key solution for the last three years. Therefore, as soon as the pilot projects are converted, the roll-out of this technology is planned.